Sells Holiday Inn Cincinnati North
|Cincinnati, Ohio— February 8, 2006 — Molinaro Koger announced today
that they acted as advisor to Sharonville Hotel Corporation in the sale
of the Cincinnati Holiday Inn North to Hauck Hospitality, LLC, for an undisclosed
price. Terry O’Brien, Managing Director of Molinaro Koger’s Cincinnati
office, structured the transaction for Sharonville Hotel Corp. The hotel
will remain a Holiday Inn and Columbus Hospitality will manage the hotel.
“This was a great opportunity to acquire a well-located, quality asset at well below replacement cost,” commented Mr. O’Brien, who marketed the property and assisted the seller in identifying a purchaser capable of closing rapidly.
The 12-story, 275-room hotel is located on the I-275 outer belt near Sharonville, approximately 12 miles north of downtown Cincinnati.
The hotel’s operating numbers are likely to benefit from the recent completion of Cincinnati’s new convention center, according to Mr. O’Brien who believes the local hotel market is poised for significant growth in coming months.
In addition to retaining the Holiday Inn brand for the property, the new owners plan on investing in substantial renovations to the hotel over the course of the next year.
For further information about this transaction and current listings,
please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
About Molinaro Koger
Molinaro Koger is an international hotel real estate advisory firm. The company structures hotel transactions of boutique through luxury market segment assets throughout the world. MK is headquartered in metro-Washington, DC, and has offices in Beijing, London, Atlanta, Chicago, Cincinnati, Dallas, Los Angeles, Phoenix, San Francisco and Shanghai. During the past decade the firm has captured the industry’s leading hotel transaction awards including Highest Volume, Largest Transaction and Salesman of the Year.
Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger has successfully marketed hotel real estate, sponsored limited partnerships, and arranged financing for purchasers. Given the cyclical nature of real estate, the firm has weathered an array of highs and lows during the course of its 47-year history. Through this time, the company has grown and assisted clients in achieving their investment goals.
“With each lodging real estate cycle we gather strength, expertise and contacts enabling us to better serve the best interests of our clients, regardless of economic cycles,” says President Robert Koger. “The results we achieve are directly attributable to the commitment and expertise of our professional staff.”
Molinaro Koger can be accessed online at www.mkhotels.com.
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